Swedish electric-car maker Polestar said on Monday it will go public by merging with a blank-check firm backed by billionaire Alec Gores and investment bank Guggenheim Partners at a valuation of $20 billion including debt.

The deal with Gores Guggenheim Inc. will include cash proceeds of around $800 million and a PIPE, or private investment in public equity, of $250 million from top-tier institutional investors.

The premium EV maker, backed by Volvo Car Group and affiliates of Geely Chairman Eric Li, also counts Hollywood actor and activist Leonardo DiCaprio among its investors.

Polestar’s current product line includes two models — a hybrid performance car known as Polestar 1 and a fully electric Polestar 2 — which are currently on roads across Europe, North America and Asia.

That $20 billion figure matches the reported valuation of Volvo, which plans to list on the Stockholm stock exchange this year. It is also double the value of Renault Group.

Other electric vehicle startups that that are already on the market include U.S.-based Lucid Motors, which is also positioning itself as a premium EV maker, had a market capitalization of $40.7 billion as of Friday. Among recent Chinese market entrants, Nio has a valuation of $58 billion, XPeng is valued at $30.2 billion and Li Auto at $27.4 billion. 

Polestar raised $550 million in external funding in April and announced plans in June to build the Polestar 3 electric SUV at Volvo’s U.S. plant in South Carolina starting in the second half of 2022.

Polestar says it’s on track to double its global retail locations to 100 this year and the believes having 200 locations in 2022 is within reach.

“It’s highly possible with the market expansion we are looking at,” Polestar global sales boss Mike Whittington told Automotive News Europe in July.

The Tesla challenger has positioned the Polestar 2 as a direct rival to the Tesla Model 3.

Gores Guggenheim, led by Chairman Alec Gores and CEO Mark Stone, is sponsored by affiliates of Gores Group and Guggenheim Capital. It raised $800 million in a March initial public offering.

Reuters and Bloomberg contributed